Registering a business

[tevenb]

Hi there can ayone help??
Im opening a hair salon and am confused about how to register??
Sole trader, Limited Company or partnership...
We are two people who are funding the bussiness our selfs with NO bank loans...
Have read all the infomation but are still confused on how to register..
if anyone can give some advice it will be most wellcome

Steven

 

[Lynne Baker]

If you're trading as a sole trader then you don't need to register at Companies House.
If you want your company to be limited (which affords you a level of financial protection) then you need to register the company at Companies House, and it means that you won't pay income tax, you'll pay corporation tax instead.
Will you be vat registered?
The best thing to do is to talk to business link, an accountant, or HMRC to get unbiased, professional advice for your own particular circumstances.

 

[lilk87]

Hi there can ayone help??
Im opening a hair salon and am confused about how to register??
Sole trader, Limited Company or partnership...
We are two people who are funding the bussiness our selfs with NO bank loans...
Have read all the infomation but are still confused on how to register..
if anyone can give some advice it will be most wellcome

Steven

I'm sort of in the same boat. But it will be just mine and someone working with me.

Still unsure of what i need to do

 

[PixieBeauty]

Best advice is as Lynne suggested. I spoke to an accountant who talked me through what to do to register as a ltd company and he did this over the phone free of charge. He then said once I'd done that to get back to him to complete the set up. I advise you speak to either an accountant or HMRC. Companies house website has a ton of info.

As for setting up as a ltd company I chose to do this in case I got sued - it would be the company that was liable and not me (and every penny I own). That was just my preferred choice.